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Profit boost in three years post-merger: State Bank of India
April 17, 2017
- The State Bank of India head said that a boost in annual profit as huge as 30 billion rupees ($465 million) is expected within three years, on cost and gains in efficiency by the merger of the associate banks into SBI.
- After the merger of five associate banks into the SBI, the workforce integration is to start in June this year. SBI will be shutting down or moving all the overlapping units soon.
- The profits of state-led lenders have always been under pressure, and is even now, especially due to the non-performing assets (NPAs), which is expected to decline with this merger.
